Michigan Compiled Laws 159-2004-1 Article 1 (555.501...555.505)

• Section 555.501 Short Title.
  This act shall be known and may be cited as the “uniform principal and income act”. History: 2004, Act 159, Eff. Sept. 1, 2004
• Section 555.502 Definitions.
  As used in this act: (a) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. Accounting period includes...
• Section 555.503 Duties Of Fiduciary; Allocation Of Receipts And Disbursements To Or Between Principal And Income; Discretionary Power; Impartiality.
  (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter found within the scope of articles...
• Section 555.504 Adjustment Between Principal And Income; Factors; Policy; Circumstances Prohibiting Adjustment; Exercise Of Power By Cofiduciary; Release Of Or Limitation On Power To Adjust.
  (1) A fiduciary may adjust between principal and income to the extent the fiduciary considers necessary if the fiduciary invests and manages trust or...
• Section 555.505 Exercise Of Discretionary Power By Fiduciary; Limitation On Court To Order; Decision; Petition; Burden Of Proof.
  (1) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this...

Last modified: October 10, 2016